Talk About BS: JPMorgan Economists Discard Prior Recession Prediction, Foresee US Economic Resilience
BanksterCrime:
JPMorgan’s economists have jettisoned previous predictions of an impending U.S. recession. Their chief U.S. economist, Michael Feroli, is confident that the American economy will maintain a modest but steady growth trajectory throughout the remainder of the current year and well into 2024.
JPMorgan Foresees U.S. Economic Growth Amid ‘Ridiculous’ Fitch Downgrade and Recession Fears
Echoing Bank of America’s revision of its economic outlook, JPMorgan’s team of economists have likewise set aside their earlier recession projections. The top-ranking bank in the nation initially forecasted a downturn for 2023. However, their principal U.S. economist, Michael Feroli, now holds a more optimistic view that the U.S. can successfully dodge a full-scale recession.
“While a recession is no longer our modal scenario, risk of a downturn is still very elevated,” Feroli wrote on Friday. “One way this risk could materialize is if the Fed is not done hiking rates. Another way in which recession risks could materialize is if the normal lagged effects of the tightening already delivered kick in.”
Feroli, alongside his cohort of economists at JPMorgan, now foresees an economic resurgence in 2023, followed by a period of “modest, sub-par growth” in the subsequent year. This projection defies the widespread dissenting opinion that a recession, or even a depression, within the U.S., is inevitable. Danielle DiMartino Booth, the CEO and chief strategist at QI Research, argues that the repercussions of the Federal Reserve’s interest rate increments and quantitative tightening have yet to fully manifest in the U.S. banking industry.
Moreover, JPMorgan’s perspective comes on the heels of Fitch Ratings’ decision to lower the credit rating of the United States. Unfazed by Fitch’s downgrade, JPMorgan’s chief, Jamie Dimon, dismissed the move as “ridiculous” in an interview. Speaking to CNBC, Dimon downplayed the significance of the downgrade, saying “it doesn’t really matter that much,” and emphasized that the United States remains “the most prosperous nation on the planet, [and] the most secure nation on the planet.”
Dimon and his team at JPMorgan perceive a budding growth in the U.S. economy, prompting their economists to doubt their previous forecasts. “Given this growth, we doubt the economy will quickly lose enough momentum to slip into a mild contraction as early as next quarter, as we had previously projected,” Feroli concluded in his missive to investors last Friday.
Former Co-Head Of Investment Banking At Goldman Asia Banned For Life By The Fed
Former Goldman Sachs partner Andrea Vella has been barred from the industry over his involvement in the Malaysian investment fund scandal known as 1Malaysia Development Berhad (1MDB), a press release from the Federal Reserve said Tuesday. Vella, a former the Goldman Sachs’…
China Bloodbath: Stocks Crash; Oil, Iron Limit Down Despite Emergency PBOC Intervention, Rate Cuts
previewed on Friday and again earlier today when we noted the latest trades in China’s A50 futures… … China’s reopening from the long Lunar New Year holiday was set to be ugly, and sure enough with Chinese stocks resuming trade at 9am…
Coronavirus And The “Unsinkable” Titanic Analogy
Unthinkable doesn’t mean unsinkable. As we all know, the “unsinkable” Titanic suffered a glancing collision with an iceberg on the night of April 14, 1912. A half-hour after the iceberg had opened six of the ship’s 16 watertight compartments, it was…
Fed Policy And The Wuhan Coronavirus
When all you have is a hammer, everything looks like a nail. Abe Maslow, the same fellow who developed the “hierarchy of needs” paradigm in human psychology, popularized that phrase to warn scientific researchers about the perils of using tools inappropriate…
Capitalism In America: How A Dismal Decimal Is Robbing Americans Blind
There is no hiding anymore, the United States has become an oligarch owned banana republic with nukes, and with a monopoly currency which has allowed it to rig the markets for half a century. But now we are only a couple of…
STAGGERING GLOBAL DEBT OF $253 TRILLION IS A DISASTER WAITING TO HAPPEN
Global debt has reached a staggering $253 trillion. This is a disaster waiting to happen, as the world’s total debt surged by some $9 trillion in the first three quarters of 2019, according to data from the Institute of International…
12 Signs That The Economy Is Seriously Slowing Down As 2020 Begins
Lost in all of the headlines about Iran and impeachment is the fact that the U.S. economic slowdown which began during the latter stages of last year appears to be accelerating. The final numbers which will tell us if we are…
Nine States Headed For Recession In Six-Months, Most Since Financial Crisis
President Trump’s core campaign promise was to “Make America Great Again,” through a revival of the manufacturing complex via launching a trade war against China and debt-fueled tax cuts for corporations. Most of the recovery, well, it was a sugar high,…
Oil Prices Jump as the US, Iran Trade Blows
Experts believe that the market will self-correct as it did on multiple occasions in 2019 despite Mideast tensions US President Donald Trump’s decision to assassinate Quds Force commander Qasem Soleimani has sent shockwaves not only throughout the Middle East but also across…
Bernanke Hints At Negative Rates, “Purchases Of Private Securities” To Fight Next Recession
…We can’t rule out the possibility that, at some point in the next few years, our economy will slow, perhaps significantly. How would the Federal Reserve respond? What tools remain in the monetary toolbox? By Ben Bernanke First steps for easing…
Say hello to Granite Ridge Soap-works! Use our handmade soaps to take good care of your skin. Our premium natural ingredients work together to create a silky, creamy lather that hydrates your skin. Chemicals, such as sodium lauryl sulfate, phthalates, parabens, or detergents, are never used by us. To ensure quality, we make all of our soaps in modest quantities. Visit our Etsy store right away to give them a try and the attention your skin deserves. GraniteRidgeSoapworks: Because only the best will do for your skin.
Use the code HNEWS15 to receive 15% off your first purchase.
Sources: BitCoinNews BanksterCrime